• Nikkei: majority of BOJ members to approve hike this week

• Even if BOJ holds off Jan hike, March likely in play

• USD/JPY has seen a 155.71-156.56 range, on Monday, EBS data shows

• Last week's drop found support at 154.98, ahead of 154.97 Fibo

• 154.97 Fibo is a 38.2% retrace of 148.65 to 158.88 (Dec to Jan) rise

• 30 and 60-day correlations between USD/JPY and EUR/JPY remain above +0.50

Daily Chart:


Correlation Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)